Raydium launched its new feature Teleport which will aid frictionless token transfers from EVM networks to Solana. The ecosystem on October 3rd said that it will roll out the new teleport feature in alliance with Circle’s CCTP and Wormhole’s Connect feature.
The alliance will help facilitate the smooth transfer of USDC through natural mint and burn procedures. Raydium’s decision comes at a time when many in the crypto industry are looking for better cross-chain interoperability.
In the context of blockchains, Binance defines interoperability as the ability of one blockchain to easily exchange data with another blockchain. For instance, a blockchain is used to document assets, services, and transactions.
With the correct interoperability solution, any activity that occurs on one blockchain may be represented on another. This implies that apps, irrespective of the blockchain they are running on, can interact with any resource or service.
The Teleport feature will enable token transfers between Solana and EVM networks (such as Ethereum, BNB Chain, and others).
Circle’s CCTP and Wormhole To Help In A Smooth Transfer Between Blockchains
Through the use of the Cross-Chain Transfer Protocol (CCTP), USDC can move securely between blockchains, combining liquidity and streamlining user interface.
Because there are unofficial, bridging variants of USDC floating around the ecosystem, CCTP addresses the problems of liquidity fragmentation and subpar user experiences.
Additionally, Teleport will help provide 1-click cross-chain exchanges using Wormhole’s Connect technology. This will permit Native asset cross-chain swaps using USDC + CCTP as the settlement rail. It will also help sub-30s cross-chain swap latency.
RAY Price Still Underwhelming
Despite the market-moving news, the RAY token, which is native to the Raydium ecosystem, has shown underwhelming performance.
At press time, the token is trading down over 4% at $1.60. With the current price, investors are now worried that the token can regain momentum in the future.
One reason for the price decline could be overall dampened sentiments in the Crypto market due to the ongoing tensions in the Middle East.
At present, the coin’s technical indicators indicate that the current mood for RAY is bearish, and the Fear & Greed Index is currently reading 37 (Fear).
Over the previous 30 days, Raydium saw 8.03% price volatility and 15/30 (or 50%) green days. Data also indicates that there is an overall bearish feeling for the price prognosis of RAY, with 5 technical analysis indicators indicating bullish signs and 22 indicating bearish signals.